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USD/TRY Falls Short of Jan Highs as Speculation Over Intervention Swirls

TURKEY
  • USD/TRY trades -0.06% lower this morning, continuing to trade mostly on its own after diverging the path of strength in EM FX yesterday.
  • The cross rose +1.52% to a high of 13.9032 before retracing back to 13.80 by the close with rumours of CBRT/state bank intervention having curbed the move higher.
  • Although this has not been confirmed, numerous analysts have been expecting interventions in the run-up to the 14.00 handle as Erdogan tried to defend his promises for a stable lira.
  • Although Russia has promised no interruptions to its oil/gas operations, rising spot prices and threats to wheat supply-chains represents a risk to Turkey and inflation – which weighed on TRY yesterday.
  • Markets will likely look to fade TRY strength while the crisis endures, putting more pressure on CBRT reserves should the cross continue to pressure the 14.00 handle.
  • Intraday Sup1: 13.7261, Sup2: 13.682, Res1: 13.8307, Res2: 13.8799
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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